Trusted Network
Nicholas Ferraro
New York Life Insurance Company
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Financial Advisors
Guidance on how to pay for care — from retirement income and long-term care insurance to benefits planning and asset protection.
Also known as: Elder care financial planners, Senior financial advisors, Retirement planners, Long-term care financial advisors
Who this is for
Is this what you're looking for?
Here are a few situations where families turn to this kind of help.
You don't know if your parents can afford the care they'll need
They have savings, Social Security, and maybe a pension — but you have no idea whether that's enough for years of care. You need someone to run the numbers honestly.
There's a long-term care insurance policy but nobody knows how to use it
Your mom has had a policy for 15 years. Now that she needs care, you're not sure what it covers, how to file a claim, or whether her current care qualifies.
Care costs are rising faster than expected
Your dad's care is more expensive than you planned for and the gap is growing. You're worried about running out of money and need a plan that protects him without depleting the family's financial future.
There are many more situations where this kind of support makes sense. If you're not sure whether it's the right fit, searching is a good first step.
What to expect
What working with a financial advisor looks like
$200–400
per hour typical
Fiduciary
status matters
$50k–150k+
avg annual care cost
Plan early
options shrink fast
A financial advisor who specializes in elder care helps you understand whether your family can afford the care your loved one needs — and builds a plan so you don't run out of money. They analyze income, assets, insurance, and benefits to model realistic care scenarios. Look for advisors who are fiduciaries — legally required to act in your best interest, not to sell you products. The distinction matters significantly when real money and real care decisions are involved.
How tendercare vets
How tendercare vets these providers
Every provider in tendercare's Trusted Network completes a six-point vetting process — background checks, license and insurance verification, client references, and expert review. Membership is never sold; it's earned.
Never pay-to-play. Membership is earned.
Trusted network providers
Financial Advisors near you
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Frequently asked questions
What families ask
Elder care financial advisors help families understand how to fund long-term care. They analyze your loved one's income, assets, and insurance, model different care scenarios and their costs, help navigate long-term care insurance claims, and coordinate with elder law attorneys on asset protection. Their goal is to help you make care decisions with a clear financial picture rather than guessing.
A fiduciary is legally required to act in your best interest. Non-fiduciary advisors can legally recommend products that earn them a higher commission, even if a better option exists for you. When real care planning decisions are involved — potentially hundreds of thousands of dollars over years — working with a fiduciary significantly reduces the risk of conflicted advice. Always ask directly: are you a fiduciary at all times, for all services?
Start by locating the policy and reading the benefits section — specifically the 'benefit triggers,' which define when benefits begin. Most policies pay out when your loved one needs help with two or more activities of daily living, or has a cognitive impairment. Call the insurer to open a claim, and ask a financial advisor to review the policy before your first conversation with the insurer — they'll help you understand what qualifies and avoid common mistakes in the initial claim.
Costs vary significantly by care setting and location. Home care typically runs $20 to $35 per hour nationally. Assisted living averages $4,000 to $6,000 per month. Memory care is higher — often $5,000 to $8,000 per month. A private room in a skilled nursing facility averages over $9,000 per month. These costs have been rising 3 to 5 percent annually. A financial advisor can model realistic scenarios based on your loved one's specific situation and location.
Earlier is always better. The earlier you understand your loved one's financial position, the more time you have to adjust assets, coordinate with legal planning, and explore options before a crisis forces decisions. A care cost analysis at 65 to 70 gives families years to respond. Waiting until a health event occurs severely limits options and typically leads to worse financial outcomes.
Financial advisors and elder law attorneys often work together on Medicaid planning. The attorney handles the legal structure — trusts, asset transfers, documentation. The financial advisor handles the investment and income side — analyzing what assets exist, how they're held, and how to structure them within the legal framework the attorney creates. You typically need both working in coordination for effective Medicaid planning.
There are three common structures: fee-only (you pay a flat fee or hourly rate, no commissions), fee-based (fees plus some commissions), and commission-only (paid by product sales). Fee-only advisors are the clearest model for conflict-free advice. Always ask for a written explanation of compensation before engaging. Be especially cautious of advisors who recommend insurance products — commissions on these products can be significant.
They should be aware of each other and coordinating. The elder law attorney creates the legal structure that protects assets; the financial advisor ensures the assets themselves are positioned appropriately within that structure. A financial plan that contradicts the legal plan — or vice versa — can have costly consequences. When interviewing advisors, ask explicitly whether they're willing to coordinate with your elder law attorney.
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